Don't assume 50-year-olds are past their prime-many are
finding that the years after 50 are a perfect time to start a
business, and buying a franchise is a great way to do that. Whether
motivated by personal desire or out of financial necessity, these
ambitious individuals are pursuing entrepreneurial endeavors in
every imaginable field. Here's a look at several late-blooming
entrepreneurs who purchased a franchise after age 50.

A New Beginning

Today's older population is healthy and
active-Worldhealth.net reported that 7.5 million Americans 55 and
older belonged to gyms in 2002, compared with 1.5 million in 1987.
These older Americans have both the desire and the ability to stay
in the work force well past the age of 50. In a recent poll from
The Wall Street Journal and NBC News, retirees were more
interested in an active life, which involved working, than their
parents' generation.

For aging individuals seeking new work options, franchising is
an appealing choice. "Folks in their 50s are energetic,"
says David Handler, senior vice president of the International
Center for Entrepreneurial Development, a Cypress, Texas-based
holding company for nine franchise brands. "They've
perhaps lived the corporate life, and they're ready to try it
on their own."

Dan and Mary Ann Jones represent this growing population of
older franchisees. After giving retirement a try for a couple of
years, they came to the conclusion that it was not all it was
cracked up to be. "We were doing nothing, playing golf and
having fun," says Dan, 58, who left his corporate job at an
insurance corporation to see if the grass was greener on the other
side. "We decided we needed to do something else, because we
were getting bored."

The Joneses spent nearly a year researching franchise
opportunities before selecting Kwik Kopy Business Center, which provides
printing, copying, packing and shipping services. They had both
worked in upper level management jobs and felt a franchise like
Kwik Kopy would allow them to use the skills they had acquired from
a lifetime of work in the corporate world. "We've both
been in high-paying jobs and under tremendous amounts of
stress," says Dan. "We had come to a point in our lives
where we wanted to have fun and build something."

Since opening their franchise in Temple, Texas, in July 2003,
the Joneses have been busy, devoting as much as 70 hours per week
to the business. Still, their franchise has granted them a newfound
freedom they hadn't known in the corporate world-the freedom to
set their own schedules. They have also acquired skills such as
doing the payroll and even using the copy machine-duties they never
had to learn before. Most important, having a franchise has
breathed new meaning into their lives. Says Mary Ann, 55,
"It's just like having grandchildren."

Layoff to Startup

Marc Weinberg turned to franchising when Prudential downsized
and he was laid off after 23 years as a corporate employee.
Weinberg walked away with enough money to retire comfortably, but
after six months, he was ready to start working again. Though
plenty of opportunities were available in the corporate world, he
didn't want to follow that same path. He also had no desire to
start his own business. "I didn't want to start my own
company from scratch," he says, "because I'm the type
of person who would work myself to death."

So instead, at the ripe age of 50, Weinberg hit the bars. He
purchased a Bevinco franchise in Stanholdt, New Jersey, and started
getting paid to keep bar and restaurant staffs accountable for the
products used and the cash received. Now, eight years later, he is
taking things relatively easy-working about 30 hours a week and
bringing in about $100,000 a year. He also works with the
franchisor to assist other franchisees. And he still has time for
his favorite hobby: racing his powerboat.

For Weinberg, getting laid off wasn't devastating; instead,
it was a golden opportunity to fulfill a longtime dream of running
his own franchise. "[Owning a franchise] feels terrific,"
he says. "I get to reap the rewards of my own work directly
instead of having to contribute them all to the company."

The Benefits of Being Older

Cashing In

Health and longevity are keeping people in the work force
longer, but financial reasons are also a driving factor. According
to a 2003 survey conducted for the Employee Benefit Research
Institute, 70 percent of older baby boomers and 73 percent of
younger ones expect to continue to work in post-retirement jobs.
Many are staying in the work force to prepare for a time when they
can no longer work. "People have not put enough money away in
order to live comfortably; so, in many cases, they are forced to go
back [to work] and do something," says Stuart Taylor,
co-founder of Your New Career Inc., a career counseling firm in
Menlo Park, California, that caters largely to older people.

Careerwise, Don Salatich, 58, has experimented with everything.
He spent several years designing turbines for jet engines at GM,
worked as an executive for a brush manufacturing company, and even
operated a hot-air balloon business. After a lifetime of work,
Salatich was mentally ready to retire, but the decline in the stock
market took away all hopes of being able to do so and still live
comfortably. In search of financial security, he gave real estate a
shot, but things didn't click until he tried his hand at
scooping ice cream.

In 1997, Salatich discovered Cold Stone Creamery when he and his
wife stopped for dessert during a road trip. "In my world, no
day is complete without ice cream," he says. "I walked
in, and they were making freshly baked waffle cones. That aroma
just grabbed me."

Six years after that fateful trip, the aroma still hadn't
loosened its grip. He gave into temptation and purchased two Cold
Stone franchises in 2003. Sure of his decision, he decided to
relocate from Cincinnati to Indianapolis to get good locations. He
also made a significant financial investment, with one store alone
amounting to $290,000 in startup costs. "I have two passions
in life: golf and Cold Stone," he says. "At my age, I
knew I couldn't succeed at golf, but I had a great shot at
succeeding with Cold Stone. So we went ahead and got involved with
two franchises."

Salatich hopes the franchise will ensure a secure retirement,
putting him and his wife back in control of their destiny. "I
look forward to the day I can say 'I'm retired,'"
he says. "This is an investment we hope will provide us with
what we need in the future so we can retire comfortably."

Never Too Late

Those who fear that 50 is too late to buy a franchise may want
to think again. Age is not an accurate representation of your
energy or ability to succeed. A recent study conducted by the
National Council on the Aging found one-third of Americans in their
70s consider themselves middle-aged. "People who are 68 can be
all over the map," says Taylor. "Some have the vitality
of a 22-year-old, and [others] have no vitality."

The Joneses, Weinberg and Salatich all agree that getting off to
a late start was actually an advantage. "At 50, you're
much more realistic," says Weinberg. "You have many more
tools in your arsenal if you've been in the business world for
those preceding 30 years."

These franchisees are going strong. The Joneses don't plan
to stop at one franchise. They hope that in five years, they'll
be able to start looking for a second franchise. Eventually,
Weinberg will turn his franchise over to his son, move to the South
with his wife, and try retirement again. Salatich's future will
be filled with ice cream. He plans to hire a general manager to run
three locations while he and his wife focus on planning, marketing
and possible expansion.

One thing is for sure: Even after the age of 50, it's never
too late to take a leap of faith and begin again. "You've
heard people say, and you've maybe said yourself 'If I had
only known this when I was younger, I would have done things
differently,'" says Dan Jones. "In a way, this was
kind of that chance."

Before You Start

Are you
ready to start over but don't quite know how? Stuart Taylor,
co-founder of Menlo Park, California-based Your New Career Inc.,
shares some tips on what to consider before opening a franchise.

Examine your finances. Evaluate how much money you will
need to live and how much will be allocated to purchasing and
operating the franchise. Says Taylor, "The worst thing when
starting a business is to run out of money five months after you
start."

Consider going into business with a partner who complements
your strengths and weaknesses. "It's always good to
get a partner," he says. "You want someone who will
really go fight with you on an even basis."

Seek objective advice from people other than family and
friends. Says Taylor, "I believe strongly in having
someone outside your immediate sphere of family or friends, [who
tend to be] either completely down on the idea or overly euphoric
about it."

Make sure it's something you love doing. Taylor
explains, "It's really a fact-finding, due-diligence type
of exercise, starting with yourself and then other things around
you to see if this is something you want to do."

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